MUMBAI:
Country’s largest commercial bank, State Bank of India (SBI) has signed a loan agreement amounting to up to USD 1 billion with JBIC. USD 600 Mio will be financed by JBIC and USD 400 Mio by other participating Banks. JBIC will provide a guarantee for the portion co-financed by the participating Bank.
The loan is intended to promote smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India.
JBIC is a policy-based financial institution, wholly owned by the Japanese government, with the objective of contributing to the sound development of Japan, the international economy and society.
On the occasion of signing the agreement, C Venkat Nageswar, DMD (IBG), SBI said, “The friendship between India and Japan has a long history, rooted in spiritual affinity and strong cultural and civilizational ties. It is a historic occasion for both SBI and JBIC, as for the first time we are entering into an untied loan. This will assist in achieving our Prime Minister’s vision of making India “Atmanirbhar”.
Masayuki Tanimoto , Managing Executive Officer of JBIC said “ As per one of the surveys, India is the most favoured nation for Japanese Investment and this is one more step towards strong relationship between Japan and India.”
